I just received this:
I am a student interested in the field of real estate. I understand that a real estate agent makes money on the sale of a property based upon a percentage of the final sale price. I was wondering how a real estate agent makes money on a lease of a rental property?
Thanks for the help, Jim
A landlord lists his property with a real estate agent for a number of reasons. The landlord benefits from the agent’s experience and connections, but also because the agent has access to the MLS (or Multiple Listing Service) and other venues for promoting the rental property.
There are many ways that a rental listing can be charged, but most usually the landlord agrees to pay a portion of the first month’s rent to the listing agent. The more the rent, the higher the commission paid. Landlords are generally happy to pay this because a listing agent saves them time and money (as compared to ads in the paper plus dealing with calls from unqualified renters).
If the renter has his own agent, the listing agent will pay a predetermined portion of the commission to the selling agent (as the renter’s agent is called). Please let me know if this helps.
Finding a rental is not always easy. Depending on occupancy rates in a particular area, it actually might be quite difficult to find available rentals that are also within your price range and meet all of your pre-determined requirements. However, even in areas where there is not a great deal of competition for the available rentals, renters may still have some difficulty finding the perfect home.
Figure Out Your Needs
The first step of any rental search should begin with the potential renter carefully identifying all of their needs in a home. This list of needs will be different for every renter. While some renters are simply looking for a place to eat, bathe and sleep other renters may be looking for a living space which will serve a number of purposes including working, entertaining and participating in leisure activities or hobbies. Do you need to be close to the Metro? Do you want granite counters? Do you need a washer and dryer in the unit? What’s your budget?
It is important to prioritize your needs and distinguish between needs and wants because you’ll probably have to compromise.
Use Our Website
Once a renter has a good idea of the basic features he or she needs in a rental, it’s time to use our website to identify neighborhoods, condos and properties. This research will give the renter an idea of the types of properties available for rent in Northern Virginia. Many people are shocked by the prices and what’s actually available.
Get Our Recommendations
Renters can also help themselves in their search for a rental by seeking recommendations from a rental agent. Our agents know the area and know the market. Once you’ve identified your needs and wants, we can probably take you directly to the best option for you. [Read more about rental agents]For more information or to set up an appointment call Stuart at (703)765-0300.